General accounting question A government collects $1.2 billion in tax revenue and spends $1.05billion on various programs and services. Is this government runninga surplus, a balanced budget, or a deficit? If it's not running abalanced budget, what is the size of the imbalance?

Step 1: Definition of Budget Surplus/DeficitA budget surplus occurs when a government's revenue…

Answered: A government collects $1.2 billion in…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter1: An Introduction To Taxation And Understanding The Federal Tax Law

Section: Chapter Questions

Problem 13DQ

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Suppose the government has a unified net income of$70biltion, but was supposed to deposit$180bilion in the Social Security trust fund. What was the on budget surplus or defici? Explain Select the correct choice below and fil in the answer box to complete your answer A. The on budget defict was 5 bilion because the government had excess income and even more money in the trust fund, al going towards the on budget portion B. The on-budgel surphs was 5 balion because the government underspent its unified net income on Social Security. C. The on-budget deficit wassbillion because the government overspent its unified net inconte on Social Security D. The on-budget surplus was$bilion because the government had oxcess money remaining for Social Security.
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Answer? Financial accounting
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A government collects $1.2 billion in tax revenue and spends $1.05 billion on various programs and services. Is this government running a surplus, a balanced budget, or a deficit? If it's not running a balanced budget, what is the size of the imbalance?